New Delhi: The country's largest mortgage lender HDFC Ltd on Friday reported a 46% rise in standalone net profit to Rs 3,203.10 crore for the first quarter ended June 30. The company had posted a net profit of Rs 2,190 crore during the corresponding April-June period of 2018-19. Total income (Standalone) increased to Rs 12,996.11 crore in the first quarter, as against Rs 9,951.98 crore in the same period of the preceding fiscal, HDFC Ltd said in a regulatory filing.
Analysts had estimated net profit at Rs 3,125 crore. Other income rose 26% on year to Rs 58.2 million during the quarter. Profit on sale of investments in the quarter stood at Rs 1,894 crore against Rs 3,21 crore in Jan-Mar. The company did not accrue any profit in the corresponding period last year. Total expenditure, including finance cost, rose to Rs 9,011 crore from Rs 6,882 crore a year ago. Finance cost jumped 22% on year to Rs 7739 crore.
Tax outgo for the June quarter was Rs 7.82 crore as against Rs 880 crore a year ago. For the March quarter, the non-banking financial company had reported net profit of Rs 28.62 crore and total revenue of Rs 1158 crore. At 1450 IST, shares of Housing Development Finance Corp were 1.8% higher at Rs 2,124.75 on the National Stock Exchange.